US-based cloud security company CounterTack has increased its series B funding round to $20m with a $5m investment from venture capital fund Razor’s Edge Ventures.
Investors in the first tranche of CounterTack’s series B round included Siemens Venture Capital, the corporate venturing unit of engineering and electrical company Siemens, OnPoint Technologies, the venture capital arm of the US Army, VC firm Fairhaven Capital Partners and investment banking firm Goldman Sachs.
Fairhaven previously invested in CounterTack’s $9.5m series A round in November 2011. CounterTack plans to use the funds to continue scaling its business in the federal government sector while also penetrating into the commercial sector.
Mark Spoto, managing director for Razor’s Edge Ventures, said: “Legacy endpoint solutions are completely ineffective against the current cyber threat landscape such as advanced persistent threats and zero-day exploits. Government organisations and commercial enterprises now suffer constant cyber duress.